Annual Report - Tata Technologies 2015 (Full size)

REACHING OURINFLECTIONPOINT2015-2016 Annual Report

FLECTIO

INFLECTION POINTReaching Our

Over time, key customer relationships, business models or primary markets go through transitions. It is part of the lifecycle that all businesses grapple with. With the right analysis and understanding of the business foundations, strategy can be employed to evolve the organization to a new model for sustainable, profitable growth.

Strategic inflection points can be sudden, jarring events, but just as often they come in the form of sustained, steady growth that over time obviates the old way of doing things and brings about an imperative for rebirth. It occurs when the old strategic picture fades and gives way to new directions and new opportunities.

Recognition of the scale of the change may emerge slowly, but the response must be deliberate and well-focused. Established

modes of customer engagement, internal collaboration, and goal setting must be reevaluated. Things like old company stories and narratives must be transitioned to key messages and strategies that resonate within the new paradigm. While an inflection point itself may be static, it’s not a place to remain for any length of time.

For Tata Technologies, fiscal year 2015-16 was an inflection point. With the Company aggressively looking to scale and move up the value chain as a means of reinforcing market relevance and competitive staying power, many strategic initiatives were undertaken to position for future success. From strengthening and expanding relationships with existing clients to competency development and organizational realignment, the changes were bold, meaningful and value-driven.

ETHOSOur

Purpose To make product development dreams become reality.

Mission To transform product development through deep industry knowledge combined with intelligently different approaches to technology, process, innovation and execution.

Vision To bring better products to market for our customers and for the millions of people around the world who benefit from them.

Values Better and Better, Customer Delight, One Team, Honest and Straightforward, Commitment to Community

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CONTENTSTable of

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Golden Circle IV

Historical Performance V

Chairman’s Letter VI

CEO and Managing Director’s Letter X

Executive Leadership XIV

Operational Highlights XVI

Global Expertise XVIII

New Facilities XXIV

Corporate Social Responsibility XXVI

Board of Directors XXXII

Notice 1

Directors’ Report 6

Management Discussion & Analysis 41

Corporate Governance Report 75

Standalone Accounts

Auditors’ Report 91

Balance Sheet 97

Statement of Profit and Loss 98

Cash Flow Statement 99

Notes Forming Part of Financial Statements 106

Consolidated Accounts

Balance Sheet 132

Frequently Asked Questions 166

ECS Request Form

Attendance Slip

Proxy Form

Golden Circle IV

Historical Performance V

Chairman’s Letter VI

CEO and Managing Director’s Letter X

Executive Leadership XIV

Operational Highlights XVI

Global Expertise XVIII

New Facilities XXIV

Corporate Social Responsibility XXVI

Board of Directors XXXII

Notice 1

Directors’ Report 6

Management Discussion & Analysis 41

Corporate Governance Report 75

Standalone Accounts

Balance Sheet 97

Consolidated Accounts

Balance Sheet 132

Frequently Asked Questions 166

ECS Request Form

Attendance Slip

Proxy Form

This report and financial statements contained herein have been prepared in compliance with the requirements of the Companies Act, 2013 and Indian Generally Accepted Accounting Principles (GAAP). The preparation of financial statements requires management to make estimates and assumptions which affect the reported amounts of income and expenses of the period, assets and liabilities, as of the date of the financial statements. The estimates and judgements relating to the financial statements have been made on a prudent and reasonable basis, so that the financial statements reflect in a true and fair manner, the form and substance of transactions.

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PRODUCT DEVELOPMENT

is at the Core ofEverything We Do

Engineering,Research &

Development

Connected Enterprise

Lifecycle Management

Capacity to Create

Process to Create

Manufacturing Enterprise IT

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2644 2714

2011-12 2012-13 2013-14 2014-15 2015-16

(₹crore)

Revenue

301273

2011-12 2012-13 2013-14 2014-15 2015-16

(₹crore)

Profit After Tax

2011-12 2012-13 2013-14 2014-15 2015-16

(₹crore)

Offshore Revenue

69.8863.48

2011-12 2012-13 2013-14 2014-15 2015-16

Diluted Earnings Per Share

968 969

2011-12 2012-13 2013-14 2014-15 2015-16

(₹crore)

Cash & Cash Equivalents

16%16%

2011-12 2012-13 2013-14 2014-15 2015-16

(₹crore)

Free Cash Flow

78%81% 82%

33% 35%26% 30% 32%

2011-12 2012-13 2013-14 2014-15 2015-16

(₹crore)

Margin of Safety

2011-12 2012-13 2013-14* 2014-15** 2015-16

(₹crore)

Dividend Per Share

27412%

16%16%

2011-12 2012-13 2013-14 2014-15 2015-16

Free Cash Flow

FreeCashFlow FreeCashFlowasa%ofRevenue

PERFORMANCEHistorical

78% 81% 82%90%

33% 35%26% 30% 32%

2011-12 2012-13 2013-14 2014-15 2015-16

(₹crore)

Margin of Safety

Cashas%ofNetWorth ROE *Includes ₹ 5 special dividend **Includes ₹ 45 special dividend

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CHAIRMAN’S

Letter to Shareholders

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DEAR SHAREHOLDERS,

I am pleased to report your Company achieved a significant financial milestone – surpassing ₹ 2,700 crore in consolidated revenue, for a total of ₹ 2,714 crore – in fiscal year 2016. Our year-on-year growth in revenue, EBITDA and PAT on a standalone basis are 8 percent, 8 percent and 10 percent, respectively, and on a consolidated basis are 3 percent, 7 percent and 14 percent, respectively.

Your company delivered exemplary performance demonstrated by:

• Five-year revenue and PAT growth of more than 1.6x – from ₹ 1,667 crore and ₹ 208 crore, respectively in 2011-12; to ₹ 2,714 crore and ₹ 382 crore in 2015-16

• Generated consolidated revenues of ₹ 2714 crore

• Improvement in operating margins by 85 basis points to 19.4 percent

• Generated cash and cash equivalents of ₹ 829 crore while maintaining a very strong balance sheet

Your Company remains committed to its comprehensive client-focused global growth and diversification strategy in the aerospace and industrial machinery verticals while building upon our domain leadership in the automotive vertical. We continue to focus on strategic clients through partnerships built on trust and mutual benefit. They measure success in more and better products delivered faster to market. Ours can be seen in the ongoing increase in offshore work volume and revenue, which

grew 20 percent year-over-year, from ₹ 532 crore to ₹ 637 crore.

Tata Technologies remains focused upon maintaining its leadership in the three critical market segments of Engineering Services Outsourcing (ESO) with a special focus on cost-effective Engineering, Research & Development talent access through our offshore value proposition; Product Lifecycle Management (PLM) solutions for manufacturing; and Connected Enterprise IT solutions that support the entire manufacturing enterprise.

I see a bright future ahead as we scale our business,

increase our focus on customers, and deliver true

and meaningful value.

We continue to grow our relationships with the world’s largest automotive and aerospace companies, moving up the value chain by offering distinctive capabilities cost effectively. The steady growth of our complete vehicle program proposition – still a unique differentiator for an India-based engineering services company – is a great example of this. Tata Technologies has multiple concurrent vehicle programs currently underway for many of the world’s most well-known automakers, which is a clear testament to the level of trust we’ve earned. Additionally, your Company has

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developed an in-demand consultative offering focused on mass-efficient, advanced materials strategies for automotive OEMs. These materials are the future of automotive architecture, enabling both greater fuel economy and alternative propulsion systems. Innovations like this make for a greener industry and a greener planet, and your Company is leading the way.

Tata Technologies is committed to hiring, training and retaining the very best talent in the world. Our workforce currently numbers more than 8,000, up nearly 250 from last year’s head count of 7,800 and it

comprises more than 25 nationalities spread over four continents. This diversity is a point of pride and it allows us to offer our customers unique insights through a vibrant, globally distributed marketplace of ideas.

In addition, we continue to make investments in people, technology and innovations for the markets we serve; and your Company will continue to provide a signature employee experience and grow as an aspirational employer worldwide.

Through its commitment to corporate sustainability, your Company and its dedicated employees have supported public service projects within the communities in which they live and do business worldwide. Our signature Ready Engineer™ program, which focuses on making the students of today into the employment-ready engineers of tomorrow, continues to grow in all three of our operational regions (Asia-Pacific, Europe and North America). This program is staffed by volunteer subject matter experts from Tata Technologies and includes training online via our iGET IT® learning system.Under your Company’s global Corporate Sustainability Program, these worldwide efforts are coordinated, sustainable, and make a meaningful contribution in support of environmental and social responsibility, and in the advancement of technical education. We become a better company when we help local communities become a better place to learn, live and thrive. This is the Tata way, and your Company exemplifies it.

I am pleased to report that your Company remains consistently in a competitive leadership position, as validated by industry

VIII | INFLECTION POINT

We continue to grow our relationships with the world’s largest automotive and aerospace companies,

moving up the value chain by offering distinctive capabilities

cost effectively.

data and analysts – and we continue to be the leading organization of our kind in India.

These leadership positions result from your Company’s unique value proposition that delivers our worldwide clients the very best in product innovation in a repeatable, measurable framework that results in industry-leading product creation.

I am pleased to be associated with your Company as both its Chairman and a fellow shareholder. I see a bright future ahead as we scale our business, increase the focus on our customers, and deliver true and meaningful value.

I am also pleased to conclude by reporting to all of you that, given our performance, your Board of Directors has approved a dividend payout of ₹ 35 per share. You can be proud that your Company has paid dividends every year since its first year of operations.

Thank you for the confidence you continue to place in us.

Very truly yours,

S. Ramadorai Chairman of the Board

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SHAREHOLDERSCEO and Managing Director’s Letter to

X | INFLECTION POINT

DEAR SHAREHOLDERS,

Tata Technologies’ excellent results in fiscal year 2016 reflect the successful execution of our strategy across all aspects of our business and the investments we are making in new, high-growth spaces such as lightweighting and full-vehicle development capabilities.

After adjusting for constant currency and the divestments of our hardware business in North America and our PLM value-added reseller (VAR) business in France, we delivered solid top-line growth. We generated strong new business signings, grew earnings per share faster than revenues and delivered strong free cash flow – enabling us to return substantial cash to shareholders while continuing to make significant investments in our business.

Here are some of the highlights:

• We secured new services signings totaling ₹ 1,136.8 crore

• After adjusting for divestments and constant currency we grew our revenues by about 6 percent

• We delivered earnings per share of ₹ 88.64, a 14.2 percent increase over the previous year

• Our operating margin was 18.5 percent, an expansion of 140 basis points from fiscal year 2015

• We generated free cash flow of ₹ 179 crore and delivered dividend payments of ₹ 35 per share

Our success in fiscal year 2016 has been broad based with solid contributions from each of our three geographic regions and three delivery lines of business. The diversity of our business – from an industry, capability and geographic perspective – creates resilience, durability and sustainability.

We have patiently formed world-class offerings

that represent significant long-term competitive

advantage and a pathway for sustainable growth.

This year in particular we have received an outstanding, wider market response to the value we have incubated in our strategic accounts. Our unique relationships with our largest customers has created an enviable environment in which to experiment, evolve and ultimately refine value propositions that would be extraordinarily difficult to develop organically outside real product development and manufacturing businesses.

While our competitors may have scaled, in some cases faster than Tata Technologies, their growth driver has been low-end transactional services. Conversely, we have patiently formed world-class offerings that represent significant long-term competitive advantage and a pathway for sustainable growth. Our subject-matter expertise, industry knowledge, customer intimacy, and globally distributed execution model has

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successfully beaten better known brands at a rate we have not experienced before, making even the traditional Western engineering outsourcing powerhouses take note.

In particular, our class-leading automotive lightweighting competence has seen an immense market response. Lightweighting – the practice of building cars and trucks that are mass efficient as a way to achieve better fuel efficiency and handling – is a key strategy for meeting increasingly stringent emissions standards, and it’s an essential enabler for electric vehicles (EVs).

Our delivery organization as a whole is on a trajectory of Global Delivery Excellence, realizing savings today and

providing a platform for sustainable growth.

Our expertise in this area has helped us win not only body engineering business, but also complete vehicle development contracts with traditional OEMs and the next generation of OEMs that are rapidly scaling in China and along the U.S. West Coast. We are well placed to intersect with the EV sector as market demand increases and OEMs look for help productionizing and scaling their ideas. Lightweighting has also powered progress in the high-end automotive market, securing business with premium, luxury, super-car and hyper-car vehicle manufacturers.

Our experience developing products for emerging markets, and the “frugal” concepts that underpin them, has seen us

secure projects from Asian construction equipment manufacturers, and mass-production European automotive OEMs. Likewise, we have been able to demonstrate how innovations and best practices from one industry can successfully be made “portable” for application in other industries.

For instance, our Digital Manufacturing expertise was incubated with automotive clients. Now, we’re successfully using it in aerospace applications, helping manufacturers increase throughput and productivity in order to accelerate revenue realization associated with the immense global aerospace manufacturing backlog. In the defense sector, we have demonstrated how aerospace and automotive competencies can be combined to accelerate development plans for new land-based defense vehicles.

We continue to invest in our portfolio and value proposition. Our Better Solutions model, the basis of our go-to-market positioning, has continued to evolve, refining the way we articulate the breadth of our value proposition to old and new customers alike, and preparing the way for an increased focus on Account Based Marketing (ABM) in fiscal year 2017.

Growth requires that we have appropriate facilities to accommodate it and, to that end, in fiscal year 2016 we opened or broke ground on several new offices in Europe and the Asia-Pacific region. The headliner is a brand new European headquarters that began construction in January. With the very latest in office design and technology, it will be like a little bit of Silicon Valley in the West Midlands when it opens in 2017.

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In a free enterprise, the community is not just

another stakeholder in business, but is in fact the very

purpose of its existence.

Jamsetji Tata, Tata Group Founder

In the last twelve months we’ve also launched multiple operational restructuring initiatives aimed at making the business more scalable. The Enterprise Solutions Group (ESG) has been transformed into a single, global matrix organization, complete with the establishment of Global Centers of Excellence to concentrate development of future value, and a realistic model for further scalability. The Engineering Automation Group (EAG), and Vehicle Programs & Development (VPD) groups have begun a similar change journey that will conclude early in fiscal year 2017. Our delivery organization as a whole is on a trajectory of Global Delivery Excellence, realizing savings today and providing a platform for sustainable growth.

On the commercial side, we fundamentally transformed the way we deliver services to one of our largest clients, Tata Motors, as part of a new five-year master service agreement. The task-based model of the past is now a deliverables-based model and

covers all 1,200 Tata Technologies engineers, designers and consultants working on Tata Motors programs. This evolution leverages the capabilities we have incubated with many of the world’s best automotive manufacturers and will make us more competitive, sustainable, innovative and scalable.

Tata group founder Jamsetji Tata once said that “In a free enterprise, the community is not just another stakeholder in business, but is in fact the very purpose of its existence.” Tata Technologies, like all Tata group companies, embraces this philosophy and we live it every day. This means that how profits are made is as important as how much. Please read the Corporate Social Responsibility section of this Annual Report to learn more about the thousands of volunteer-hours our professionals freely gave last year and the many financial contributions we made throughout the world.

It’s important to acknowledge what has made all of this possible: the 8,000-plus men and women who get up every morning and come to work for Tata Technologies. From senior leadership to our interns, this is the best team in the business and it is our greatest competitive advantage.

In closing, thank you for your continued support in Tata Technologies. The road ahead is as bright as ever for our company and I can’t wait to make the journey.

Regards,

Warren Harris Chief Executive Officer and Managing Director

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LEADERSHIPExecutive

PICTURED (FROM UPPER LEFT TO LOWER RIGHT BY PAGE) Warren Harris, Chief Executive Officer and Managing Director; Richard Welford, Chief Strategy and Marketing Officer; Mike McMillan, Chief Human Resources Officer; Paul Tanner, Chief Transformation Officer; S. Venkat, Chief Financial Officer; Anand Bhade, Sales President – Asia-Pacific

XIV | INFLECTION POINT

Anubhav Kapoor, General Counsel and Company Secretary; V. Balaji, Chief Information Officer; Kevin Noe, Sales President and Chief Operating Officer – Americas; Samir Yajnik, President – Global Delivery and Chief Operating Officer – Asia-Pacific; Nick Sale, Sales President and Chief Operating Officer – Europe; Steve Haywood, Executive Vice President – Global Engineering, Research & Development; Pawan Kumar Bhageria, President – Tata Motors Group Strategic Business Unit

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OPERATIONAL Highlights

TATA TECHNOLOGIES ONCE AGAIN POSTED SOLID FINANCIAL PERFORMANCE IN FISCAL YEAR 2016, WHICH WAS HEADLINED BY RECORD PROFITABILITY.

While exchange rate fluctuations and strategic divestments of two subcritical business units – enterprise hardware in North America and PLM products in France – adversely affected year-over-year topline performance, on a normalized basis the Company had revenue growth of 6 percent. See the Director’s Report for a further breakdown of the financials.

Operationally, over the last 12 months Tata Technologies took deliberate steps to increase global customer response capability. This included technological and facilities upgrades in several locations as well as kicking off an organizational realignment that affects two thirds of the Company’s client-facing technical workforce. The consolidation of the engineering and design workforce into a single, unified group is an ongoing process that is expected to begin yielding benefits upon completion in early fiscal year 2017.

The new structure is a classic matrix model with global, domain-specific Centers of

XVI | INFLECTION POINT

Excellence supporting regional delivery teams through best practices, subject-matter expertise and knowledge management. This approach is reflective of how many manufacturing companies structure product development personnel, particularly those with globally distributed engineering teams. Importantly, the Company’s biggest customers employ similar models, which will allow for more seamless service delivery and long-term collaborative partnerships.

Business Value• Reinforce/nurture

technical excellence• Dedicated focus on R&D• Elevate to world-class status

Customer Value• Greater flexibility• Access to global skills • Speedier responses• More cost effective

value proposition

Employee Value• Opportunity to specialize• Grow technical expertise • Better technical career path

Over the last decade, the Indian engineering services industry has experienced a tidal shift, maturing from technical skills provision and staff augmentation to now taking an active role in clients’ product and manufacturing strategies. Tata Technologies has been at the forefront of this trend through rich, progressive relationships with blue-chip multinationals such as Jaguar Land Rover and Fiat Chrysler Automobiles. The value and skills incubated in these accounts and others have a high degree of portability and the Company has been increasingly

successful in selling that proposition to a new, diverse crop of clients.

The Company’s standing amongst peers was validated in fiscal year 2016 through independent assessments by third-party analysts. Horses for Sources (HfS), an outsourcing advisory firm, put Tata Technologies in the “High Performer” category in a review of global engineering service providers. HfS’ assessment was based on two fundamental measures: innovation and execution. The ratings included quality of customer relationships, real-world delivery solutions, geographic footprint and scale, innovation and value in engineering services, vision for future investments, strategy, capability and skill development to name a few.

Engineering globalization advisory firm Zinnov also assessed Tata Technologies in its Global R&D Service Providers Ratings report. Tata Technologies was recognized as an established global leader for its automotive, construction and heavy machinery, and mechanical engineering services. The assessment looked at breadth and depth of service capabilities along with delivery standards.

HfS BLUEPRINT 2015Engineering Services Outsourcing

EXECUTION

HCLInfosys

TCSTechMahindra

QuEST Global

CyientGenpact

CognizantCapgemini

IGATENeilsoft

BLUEPRINT REPORTS

22nd ANNUAL REPORT 2015-2016 | XVII

GLOBAL EXPERTISEIntelligently Different

OUR ABILITY TO NOT ONLY DESIGN, ENGINEER AND BUILD NEW PRODUCTS BUT TO ALSO DIGITIZE THE ENTIRE PRODUCT REALIZATION PROCESS IS WHAT DEFINES TATA TECHNOLOGIES.

This experience is backed up by world-class program management capabilities, where onshore professionals provide market insight, business perspective, program and solution integration and customer intimacy, while offshore talent provides scale, all while reducing the overall cost of delivery. Meeting client demands requires a broad, even disparate set of capabilities, but the common thread across Tata Technologies is exceptional people.

The immense talents of more than 8,000 professionals worldwide is what enables us to reimagine conventional wisdom and

achieve the unexpected. Their world-class knowledge and experience empower clients to drive innovation, improve productivity and deliver better business outcomes. Our internal experience network is a competitive advantage and it’s why our clients continue to choose us.

In fiscal year 2016, the company conducted an extensive profiling exercise of our best and brightest. These engineers, technologists and consultants play a pivotal role in building an atmosphere of trust, confidence, and loyalty among our customers. The profiles cover personal and professional experiences of more than 100 people and was aimed at highlighting the capabilities and thought leadership the company has around the world. The following is a choice selection of some of the people that make Tata Technologies intelligently different.

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Geena Binoy Vice President – Enterprise Solutions Group

Geena is responsible for all enterprise IT service delivery globally. Prior to this role, she headed the Company’s

Center of Excellence for

emerging technologies in Pune, India. In a career

spanning more than 20 years, she has served clients in the automotive, steel, energy and industrial automation industries. She joined Tata Motors in 1994 and transitioned to Tata Technologies in the early 2000s.

Key Expertise and Responsibilities Geena’s expertise lies in analytics with distinct knowledge of the SAP ERP sales and distribution module. She is one of the company’s foremost data analytics evangelists – correlating the business benefits to customers; intervening at the customers’ business pain areas to provide the best solution available; monitoring the progress of IT enabled projects; planning and budgeting the business benefits associated with analytics projects; and ensuring smooth progress of the Center of Excellence by mentoring her team leads.

The common thread across Tata Technologies

is exceptional people.

Key Projects• Created a supply chain and project

system data discovery module for a multinational industrial company using SAP Business Explorer

• Developed financial management, warranty management and supply chain solution to help Tata Motors keep track of more than 500 vendors

• Developed sales monitoring tool for a steel manufacturer that linked their ordering systems and simplified financial reporting

• Created procurement analytics system for an India-based wind turbine manufacturer that included a product profitability dashboard to manage working capital

Certifications and Industry Forums “Advanced Analytics” project won the national award conferred by the Computer Society of India and the “Expense Tracking System” devised with her team was highly appreciated by NASSCOM. She also contributes to the leadership development program at Tata Technologies which focuses on competency development.

Education She has completed bachelor’s and master’s degrees in economics and holds an MBA in finance from the Symbiosis Institute of Management Studies, India.

Life Mantra “Whatever you do, passion is essential to complete it well. Take control of a situation and settle only for the best possible solution.”

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Kamakshya Prusti Head – Outsourcing Strategy

Kamakshya is an expert in shared services and outsourcing, industrial Internet strategy (Industry 4.0)

and smart factory strategy.

He helps the company’s biggest clients architect their

Best Cost Country (BCC) sourcing strategy for research and development, product development engineering and IT tasks. On the manufacturing front, clients benefit from his thought leadership on the future of manufacturing in view of the trend on digitization and Industry 4.0.

Key Expertise and Responsibilities He is an expert in strategy formulation, deployment and benefit measurement. His areas of specialization include globalization of services, OEM-Supplier collaboration, digital maturity assessment and structuring an Industry 4.0 strategy for greenfield plants. He leads a cross-functional team that is responsible for developing frameworks and toolsets to solve on-going and future challenges.

Key Projects• Architected globalization strategy for

a number of clients such as European luxury car OEMs; emerging market OEMs; Tier I automotive and aerospace suppliers; aerospace maintenance, repair and overhaul (MRO) companies, etc.

• Developed smart factory roadmaps and target state architecture for key clients in Asia and the US

• Authored Tata Technologies’ “Outsourcability Test,” “iSourcing” and “Digital Maturity Assessment” frameworks which have been successfully adopted by a number of clients globally

Certifications and Industry Forums Kamakshya is a prolific writer and speaker on key topics impacting the industry. Most recently, he presented a paper on innovation in automotive engineering at a doctoral research and innovation conference at the University of Warwickshire, UK. He has authored a number of articles in leading publications across the globe.

Education Kamakshya is a graduate in Commerce & Accountancy. He holds a Post Graduate Diploma in Strategy & Innovation from the Said Business School, University of Oxford.

Balancing Life Kamakshya is passionate about the exchange of knowledge and cross-cultural interactions. He likes to try his hand at cooking and spend time with his family. He supports HelpAge India, an organization that helps disadvantaged senior citizens.

Life Mantra “Changing of mind is a sign of intelligence.”

Our internal experience network is a competitive

advantage and it’s why our clients continue to choose us.

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Anand Ananthanarayanan PLM Program Manager

Anand currently works as a Program Manager within the PLM line of business and is based out of Bengaluru, India.

He has been with Tata Technologies

since 2008 and worked with automotive, aerospace

and defense, manufacturing systems and industrial automation companies.

Key Expertise and Responsibilities Anand’s specialties include Knowledge Based Engineering (KBE) customization, design automation, systems integration, systems engineering and knowledge templates. In addition to his normal scope of work, he also contributes to employee engagement initiatives and mentorship of graduate engineering trainees.

Key Projects• KBE application and development

supporting ten applications at Tata Motors

• Data migration root cause analysis of three business-critical applications for Jaguar Land Rover

• Complete PLM maturity roadmap for a start-up electric vehicle manufacturer

• Numerous critical projects for clients like Whirlpool, Schneider Electric, Airbus, Fokker Elmo, Valeo and Toyota

Certifications and Industry Forums Anand is a part of multiple industry forums including NASSCOM Special Interest Group and Society of Automotive Engineers India. He is also a part of the Tata Technologies Leadership Development Program and Tata Business Excellence Model. He was named Tata Technologies’ PLM project manager of the year in 2014.

Education He holds a bachelor’s degree in mechanical and IT automotive systems from the University of Madras, India and a master’s degree in automotive engineering from Fachhochschule Esslingen – University of Applied Sciences, Germany.

Balancing Life Anand is passionate about keeping his family happy. He enjoys every nap that he takes; watching English, Hindi and Tamil classic films; and playing board games. His trusted partner in exploring the outdoors is his Royal Enfield bike. He is a regular contributor to CRY – India, an NGO focused on educating young children, and supports the national cleanliness drive “Swachh Bharat Abhiyan.”

Life Mantra“Live one day at a time and perform course correction to ensure you reach your long term goals.”

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Rob Smith Director – Structures Center of Excellence

Rob heads our Structures Center of Excellence under the Vehicle Programs and Development

line of business at Tata Technologies,

based out of Coventry, UK. Automotive engineering

is his specialty, having worked with Aston Martin, Nissan and Renault before joining Tata Technologies, but he also has experience within the renewable energy, refrigeration and automotive industries.

Key Expertise and Responsibilities His key areas of expertise lie in lightweight body structures and new product initiation, both falling under the purview of vehicle programs and development. At work, his duties include devising departmental strategies, reviewing cost effective delivery of body structure projects with his managers, creation of requests for quotes (RFQ), business development and coaching his staff on body structure principles.

Key Projects• Led a team responsible for all body

engineering content on a brand new, 5-star Euro NCAP safety rated subcompact premium SUV

• Developed lightweighting strategy for a startup EV manufacturer’s product line

Certifications and Industry ForumsRob holds a patent for a “Seat Belt Retainer” mechanism and is a fellow of the Institution of Mechanical Engineers, where he won their “Young Engineer” award. He also won the Henry Ford Technology award for a glass-breaking device on a convertible’s rollover bars and has received several customer appreciation awards.

Education He has a bachelor’s degree in mechanical engineering with first class honors from Edinburgh Napier University, Scotland. Rob is also a Chartered Mechanical Engineer from the Institute of Mechanical Engineers, London.

Balancing Life Outside of work, Rob can usually be found cruising in his prized convertibles or developing the next generation of rugby players. He is a rugby football union Level 1 certified coach and shares his love for rugby with children between the ages of six and 10, at the local rugby club. He is married with two sons.

Life Mantra “Dream It. Believe It. Achieve It.”

XXII | INFLECTION POINT

Saurabh Sharma PLM Business Engagement Manager

Saurabh currently works as a Business Engagement Manager for a US automotive OEM that is one of the company’s key

accounts. He has more than 17 years of

experience in the automotive and aerospace industries, including

stints with Chrysler and KTI Systems before joining Tata Technologies in early 2010.

Key Expertise and Responsibilities His key area of expertise lies in product data management system implementation and support combined with engineering design automation tools, turnkey engineering migration solutions and supplier collation methodology development. At work, his duties involve new business development, milestone management and tracking, operational efficiencies tracking and presentation, pipeline management, resource allocation, performance metrics tracking, service governance with key accounts and resolving employee issues and grievances within his team.

Certifications and Industry Forums Saurabh is a Level 5 certified People Capability Maturity Model trainer from Quality Assurance International, India, has completed certification courses in Cascade API, Oracle 7.x and C variant programming

languages from national and international institutes. He was also conferred with the Chrysler “Spotlight” award for enhanced project achievement and was voted the most valuable player for his contribution to the North American sales team during the fiscal year 2015.

Education Saurabh holds a bachelor’s degree in mechanical engineering from the University of Pune, India.

Balancing Life Through mountaineering, Saurabh satisfies his passions for exhilaration and travel. And as a former member of Mensa International, he’s got the intellectual heft to match, counting reading and woodcarving among his hobbies. Saurabh also participates in the Tata group’s Tata Engage volunteering program. In the future he aspires to work with a humanitarian mission.

Life Mantra “Follow your passion, be prepared to work hard and sacrifice and, above all, don’t let anyone limit your dreams.” – Donovan Bailey

The immense talents of more than 8,000 professionals worldwide is what enables us

to reimagine conventional wisdom and achieve

the unexpected.

22nd ANNUAL REPORT 2015-2016 | XXIII

BRAND NEWState-of-the-art Facilities

STATE-OF-THE-ART FACILITIES ARE ESSENTIAL TO TATA TECHNOLOGIES’ ABILITY TO DELIVER PROJECTS, RECRUIT AND RETAIN EMPLOYEES AND PROJECT THE BRAND IN LOCAL MARKETS.

In fiscal year 2016, the Company took several steps to upgrade its portfolio of buildings around the world.

United Kingdom Since opening a field office in Coventry University Technology Park in 2008, Tata Technologies Europe has progressively leased more space on the campus to keep pace with business growth in the region. While the arrangement has worked well, eight years later the facilities are at capacity.

In January 2016, construction began on a brand new Tata Technologies EU headquarters office at a 3.77-acre

brownfield site in Leamington Spa, a suburb of Warwick, UK. The £16 million development will feature the latest engineering and business technologies and span 60,000 square feet of Class A office space with open plan workspaces, conference rooms, technical facilities, workshops and executive offices. The move will consolidate the Company’s corporate UK workforce under one roof, create greater brand visibility locally, and provide facilities purpose-built for engineering services.

“These new headquarters are an essential component of our growth strategy and showcase our ambition to expand Tata Technologies’ operations in the UK and Europe,” said Nick Sale, Chief Operating Officer and Sales President for Tata Technologies Europe. “The development marks an exciting new chapter in the Company’s support for engineering excellence across the region.”

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Approximately 600 professionals will ultimately work out of the building, which is scheduled to open in mid-2017, and 200 new jobs are expected to be created. Less than 10 miles from the Company’s current offices, the new location maintains Tata Technologies’ presence in the talent-rich West Midlands region and proximity to a number of key clients while simultaneously minimizing disruption for employees.

Romania Tata Technologies entered the Eastern European market in 2013 through the acquisition of Cambric Corporation and its three Romanian delivery centers, located in Brasov, Iasi and Craiova.

In April 2015, Tata Technologies’ Board of Directors approved plans to lease 35,500 square feet of Class A space in Brasov’s Coresi Business Park to accommodate a growing workforce and serve as the Company’s flagship Romanian office.

Located near Brasov’s city center with proximity to multiple transit options, Coresi Business Park is a large-scale modern office development with historical cachet. It’s on the site of a former tractor manufacturing plant and stands as one of the largest urban regeneration projects underway in Romania. Brasov’s strong manufacturing heritage, top-rated educational institutions, and well-qualified, multilingual workforce

have made it a popular destination for international businesses looking to establish a Romanian presence.

More than 300 Tata Technologies professionals moved into the new office in March 2016 upon completion of the buildout and it has capacity for an additional 150-170 professionals.

India A product’s success or failure often hinges on how well its manufacturer understand the competition.

One way of achieving greater understanding is a physical teardown – disassembling a product down to its constituent parts. It’s an effective tool for examining sub-aggregate systems like brakes, differential assembly, cooling systems, gears, forging parts, etc. The output of these activities typically breaks down into four key deliverables:• Detailed design comparisons• Quality and harmony reports • Cost analysis• Assembly strategies

Tata Technologies has built considerable capabilities in this domain over the last few years, however has relied on rented facilities to execute projects. In 2015, the Company invested in a dedicated Teardown and Benchmarking Lab located within the Company’s Asia-Pacific headquarters campus in Pune, India. The facility, scheduled to open in April 2016, will make it easier for Tata Technologies to help customers make cost-effective and strategic decisions for their products.

The lab is 8,600 square feet and capable of accommodating teardowns for two cars and one heavy equipment vehicle simultaneously. In addition to the workshop, the building features office space and a display area to show off parts after a teardown.

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XXVI | INFLECTION POINT

OUR COMMITMENT To Corporate Social Responsibility

CONSISTENT WITH THE FOUNDING VISIONS AND VALUES OF THE TATA GROUP, CORPORATE SUSTAINABILITY AT TATA TECHNOLOGIES MEANS CO-CREATING SUSTAINABLE VALUE FOR OUR KEY STAKEHOLDERS THROUGH ENGINEERING AND TECHNOLOGY INNOVATION.

Our mission is to make a positive impact on the communities where the company does business along with the internal and external stakeholders by enhancing the quality of life, committing to environmental enrichment and fostering innovation. Thereby, making it better for the planet,

better for people, better for progress, better now and a better future.

Corporate Sustainability ObjectivesTata Technologies’ approach to sustainability is based on the responsible value creation for all stakeholders by integrating technical, social and environmental aspects into its Corporate Social Responsibility (CSR) strategy. To this end, the company has defined the following focus areas to guide its CSR projects and initiatives:

Environmental enrichment for a better planet: The threat of climate change demands action from all – government, people and industry. Therefore, we

22nd ANNUAL REPORT 2015-2016 | XXVII

will adopt the philosophy of enriching, conserving and harvesting the natural capital to minimize the impact of our operations and augment the neighboring communities.

Social development for better people: We believe that success of any business strives on human capital, community development and quality education for all citizens.

Accordingly, we will focus on human rights, quality primary and secondary education, vocational skills and mentorship for the marginalized population to enhance their quality of life.

Fostering innovation for better progress: To be able to excel in all areas of business

sustainability, innovation has gained greater importance. We aim to innovate and optimize resources, opt for efficient processes, while enhancing the environment and quality of experiences with and for our supply and delivery chain. We will strive for technology incubation for the benefit of society and build sustainable communities today and for the future.

Tata Technologies continues to emphasize inclusive growth to support marginalized members of society through its focus on engineering education, environmental stewardship and technical innovation. To demonstrate its commitment, the Company is implementing the following programs:

Since 2011, Tata Technologies main area of community development work was implemented under an umbrella program called Ready Engineer. Positioned under the education pillar, this program addresses the academic gaps at different education levels.

Direct Ready Engineer Program (RE) and Distance Ready Engineer Program The purpose of the Ready Engineer program is to bridge the engineering industry talent gap by educating and mentoring aspiring young engineers. The aim is to be a catalyst in reducing the academia-industry gap and ensure that the future engineers are ready for the industry.

Supported by Tata Technologies’ online learning platform, iGET IT®, expert engineers give 40 hours of classroom training related to the core mechanical modules to selected and exemplary students.

Environmental Enrichment for a better planet

Fostering Innovation for better progress

Social Development for better people

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However, the direct Ready Engineer model faces several challenges such as insufficient time availability of employee volunteers, lack of infrastructure at various colleges, limited Tata Technologies offices, etc. Hence in fiscal year 2016, the company converged all its efforts to increase its reach to the students by leveraging modern technology.

Furthermore, the significant acceptance of the RE model among students and institutes encouraged Tata Technologies to pilot the “Distance Ready Engineer” program in fiscal year 2015. Implemented through iGET IT®, an online learning platform, this model adopts a “train the trainer” approach to expedite the training deliverables and reach a maximum number of engineering students. A network of professors across three states, including Maharashtra, Karnataka and Jharkhand, have been trained by Tata Technologies’ expert engineers. During fiscal year 2016, the company reached a remarkable, 3,140 students in 24 colleges compared to 218 students in fiscal year 2015.

School and Teaching Excellence Program (STEP) Our commitment to address the education gap for the younger generation is pronounced through the STEP initiative, which was launched in 2014. Aimed at young and underprivileged children, STEP is an education platform targeted to improve student retention and learning of science and math. With the help of e-Learning systems, the program aspires to perpetuate interest and develop an increased aptitude of students towards science and math.

A critical aspect of business excellence is

intimately linked with the issue of sustainability.

Cyrus Mistry, Tata Group Chairman

To achieve this goal, the Company has partnered with The Poona North Rotary Charitable Trust (TPNRCT), to improve the school selection process, and with SumConcepts Technologies Pvt. Ltd., to install hardware and software at different schools. During fiscal year 2016, a total of 344 units of integrated learning systems were installed at 291 schools, enhancing education and the lives of approximately 197,329 students across Maharashtra.

Empowerment Via Education (EVE)To become more comprehensive in our approach, while fostering education for the younger generation, the Company considers it crucial to reach out to deserving and academically bright female students.

Empowering women and encouraging their educational spirit is another vital aspect of Tata Technologies’ CSR strategy. This aspiration is manifested through the Company’s EVE Program that serves as an agent for teaching and improving the skills required for the IT-Business Process Management sector. The EVE program reaches out to exemplary female students, especially those coming from scheduled caste or low-income group families, and extends direct scholarships to help them pursue a full-time engineering degree.

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The Company partnered with the Lila Poonawalla Foundation to advance support, encouragement and mentorship to drive young women towards a promising career. In addition to financially supporting 50 female students in their second year of engineering during fiscal year 2015, the company has provided scholarships to 100 students amounting to 75 lakhs Indian Rupees (INR) during fiscal year 2016.

Science, Technology, Engineering and Math (STEM) Youth Literacy Program Through active partnership and engagement, Tata Technologies – North America developed a STEM Youth Literacy

Program in partnership with Athletes for Charity and the Detroit Lions. This partnership enables creative exposure and engagement of low-income inner city students to embrace Science, Technology, Engineering and Math, while also developing their skills in reading and writing. With the help of this alliance, Tata Technologies is dedicated to providing an innovative STEM Youth Literacy Program at John E. Clark Preparatory Academy in Detroit, Michigan, USA. This program includes a monthly book distribution drive, conducting monthly assignments, promoting academic incentives and organizing contests and

field trips. The group of approximately 250 students are reached monthly through regular sessions by Tata Technologies and Wayne State University faculty members who serve as tutors to assist students with assignment completion. Students are also provided LEGO® products, Magformers®, K’NEX® and encyclopedias to help instill a lifelong love for learning and an interest in STEM careers.

Tata Volunteering WeekTata Volunteering Week (TVW) is a group-wide event that encourages employees around the globe to get involved in community welfare. TVW is celebrated across a four-week period, twice a year to inspire Tata employees to experience volunteering and eventually pursue it on a regular basis. During the fourth and fifth edition of TVW, Tata Technologies recorded a number of exciting activities across the globe ranging from blood donation camps, value education activities at schools, wellness talks, cleanliness drives and teaching at an orphanage to species conservation and more. During fiscal year 2016, the Company had more than 2,800 employee volunteers supporting 85 social and environmental causes impacting the lives of more than 10,000 people.

XXX | INFLECTION POINT

Environmental Stewardship Tree Planting: To combat climate change and restore the depleting environment,

the Company planted more than 5,000 saplings in fiscal year 2015-2016 and maintained another 2,000 saplings planted in the previous years. The project is a continuation of the partnership with the Tree Public Foundation, formed in August 2014, to plant saplings as well as to maintain at least 90 percent survival rate of the trees at the end of a three-year period.

Water Conservation, Waste Management and Energy Efficiency: Tata Technologies continues to demonstrate its commitment to waste minimization by applying and constantly upgrading its recycling technologies at its Pune location. The Company conserves water through a sewage treatment plant, drip irrigation system and laundry practices. Through several endeavors to conserve water, 25 percent of total water consumed, approximately 125,000 liters per day, was conserved. This water is used for in-house gardening as well as flushing purposes in the newly constructed industrial shed. The on-campus organic waste compost treatment plant reprocesses 75 kilograms of solid

waste into manure each day. That manure is used to fertilize the gardens throughout the Pune campus.

Tata Technologies also continually monitors energy usage and promotes green infrastructure by optimizing natural light, using LED lights and conducting employee seminars to foster environmental awareness.

Disaster Relief Program: As the threat of a water shortage looms over a large part of Maharashtra, Tata Technologies along with other Tata group companies took the initiative to support a project pertaining to soil and water conservation in Tandulwadi village, located in District Osmanabad, Marathwada. The key objective of this project is to address the declining natural resources due to extreme drought conditions and alleviate the affected small and marginal farmers, the underprivileged section of society and families below the poverty line.

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DIRECTORSBoard of

PICTURED (FROM UPPER LEFT TO LOWER RIGHT) S. Ramadorai, Chairman; Warren Harris, Chief Executive Officer and Managing Director; Falguni Nayar, Director; Rakesh Makhija, Director; C. Ramakrishnan, Director; P. P. Kadle, Director

XXXII | INFLECTION POINT

Notice

NOTICE IS HEREBY GIVEN THAT THE TWENTY SECOND ANNUAL GENERAL MEETING (“AGM”) OF THE MEMBERS OF TATA

TECHNOLOGIES LIMITED will be held on Wednesday, June 29, 2016 at 3:30 p.m. (IST) at the Registered Office of the

Company situated at Plot No. 25, Rajiv Gandhi Infotech Park, Hinjawadi, Pune-411057 to transact the following business:

1. To receive, consider and adopt the standalone financial statements of the Company for the year ended

March 31, 2016 together with report of the Directors and Auditors thereon.

2. To receive, consider and adopt the consolidated financial statements of the Company for the year ended

March 31, 2016 together with report of the Auditors thereon.

3. To declare dividend on Equity Shares of the Company.

4. To appoint a Director in place of Mr C Ramakrishnan (DIN 00020076) who retires by rotation and, being eligible,

offers himself for reappointment.

5. Ratification for appointment of Auditors:

To consider and if thought fit, to pass, with or without modification, the following resolution as an Ordinary

Resolution:

“RESOLVED THAT pursuant to the provisions of Section 139 and such other applicable provisions, if any, of the

Companies Act, 2013 and the Rules framed thereunder, as amended from time to time and pursuant to the

resolution passed by the Members at the Twenty First Annual General Meeting (AGM) held on June 26, 2015, in

respect of appointment of the auditors, M/s. Deloitte Haskins & Sells LLP, Chartered Accountants (ICAI Firm

Registration No 117366W) (LLP Registration No W100018) till the conclusion of Twenty Third AGM of the Company

to be held in the year 2017, the Company hereby ratifies and confirms the appointment of

Ordinary Business

M/s. Deloitte Haskins &

Sells LLP, Chartered Accountants, as auditors of the Company to hold office from the conclusion of this AGM till the

conclusion of the Twenty Third AGM of the Company to be held in year 2017 to examining and audit the accounts of

the Company on such remuneration as may be mutually agreed between the Audit Committee of the Company and

the Auditors."

Notes:

1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND

AND VOTE IN THE MEETING INSTEAD OF HIMSELF AND THE PROXY NEED NOT BE A MEMBER OF THE COMPANY.

2. The Proxy form as per the format given in the Annual Report booklet should be duly filled, stamped, signed and

received by the Company at its Registered office not less than 48 hours before the time for holding the meeting.

3. Members/proxies should bring duly-filled Attendance Slip sent herewith to attend the meeting.

4. The Register of Directors' and Key Managerial Personnel and their shareholding maintained under Section 170 of

the Companies Act, 2013, will be available for inspection by the members at the venue of the AGM.

5. The Register of Contracts or Arrangements in which Directors are interested, maintained under Section 189 of the

Companies Act, 2013, will be available for inspection by the members at the AGM.

6. This Notice of AGM has been sent to all the members whose name appeared in the Register of Members and

Register of Beneficial Owners as on May 31, 2016.

22nd Annual Report 2015-2016 | 1

7. Pursuant to the provisions of Section 108 read with Rule 20 of Companies (Management and Administration)

Amendment Rules, 2015, Members whose names appear on the Register of Members as on Monday, June 20, 2016

(“Cut-off Date”) would be only be eligible to vote by electronic means or by means of ballot paper at the AGM. Any

recipient of the Notice who has no voting rights as on the cut-off date shall treat this notice as intimation only.

8. The Register of Members and the Share Transfer Books of the Company will remain closed from Monday,

June 13, 2016 to Monday, June 20, 2016 (both days inclusive) for the purpose of payment of final dividend, if

declared, for the financial year ended March 31, 2016.

9. Persons who acquired the shares and became member of the Company after May 31, 2016 and prior to the cut-off

date i.e. June 20, 2016 shall be entitled to exercise their votes either electronically i.e. remote e-voting or through

the ballot paper at the AGM in the following manner:

a. Such person may obtain the login ID and password by sending a request to [email protected] or to the

Company at [email protected] or TSR Darashaw Limited, the Registrar and Transfer

Agents of the Company at [email protected] ; or

b. Such person may attend the AGM and vote by means of ballot papers to be provided by the Company at the

10. Subject to the provisions of the Companies Act, 2013, dividend as recommended by the Board of Directors, if

declared at the meeting, will be paid within a period of 30 days from the date of declaration, to those members

whose names appear on the Register of Members as on Monday, June 13, 2016.

11. As per the provisions of the Companies Act, 2013, facility for making nominations is available for members in

respect of shares held by them. Nomination Forms can be obtained from the Company's Registrar and Transfer

Agent.

12. Members please note the contact details of the Company's Registrar and Transfer Agent, M/s TSR Darashaw

Limited, as follows:

TSR Darashaw Limited

6-10 Haji Moosa Patrawala Industrial Estate,

20, Dr.E.Moses Road,

Mahalaxmi, Mumbai-400011

Tel:+91 22 66568484 Fax:+91 22 66568494

Email: [email protected]

Website: www.tsrdarashaw.com

13. Members holding shares in dematerialized form are requested to intimate all changes pertaining to their bank

details, mandates, nominations, change of address, change of name, change in email id etc., to their Depository

Participants. Changes intimated to the Depository Participants will be then automatically reflected in the

Company's records which will help the Company's Registrar and Transfer Agent to provide efficient and better

services. Members holding shares in physical form are requested to intimate such changes to the Company's

Registrar and Transfer Agent.

14. Members attention is particularly drawn to the 'Transfer of Unclaimed/Unpaid dividends to Investor Education and

Protection Fund' section under 'General Shareholder Information' in the Corporate Governance Report.

15. The Company has dematerialized its Equity Shares to CDSL & NSDL and Company's ISIN number is

INE142M01017. Members, who hold shares in physical form, are requested to dematerialize their shares. A detailed

FAQ on Dematerialization is provided elsewhere in the Annual Report.

16. The Company has received a unique user code from Reserve Bank of India to credit the dividend directly to the bank

accounts of the Investors. Members who intend to opt the NECS facility are requested to fill in the NECS Request

Form attached at the end of this Report and send to the Company's Registrar and Transfer Agent. Members holding

the shares in electronic form are requested to contact their Depository Participants and give suitable instructions

to record their bank account details in their demat account.

17. The Company is concerned about the environment and utilizes natural resources in a sustainable way. Members

are requested to register their email address, through written application, with Company's Registrar and Transfer

Agent to enable the Company to send notices, annual reports and other communication via email.

18. Copies of the Annual Report 2016 are being sent by electronic mode only to the members whose email addresses

are registered with the Company/Depository Participant(s) for communication purposes unless any member has

requested for a hard copy of the same. For members who have not registered their email addresses, physical copies

of the Annual Report 2016 are being sent by the permitted mode.

19. Voting through electronic means:

For the purpose of voting through electronic means, the expression

“Remote e-voting” means the facility of casting votes by a member using an electronic voting system from a place

other than venue of a general meeting.

I. According to Section 108 of Companies Act, 2013, read with Rule 20 of Companies (Management and

Administration) Amended Rules, 2015, e-voting is mandatory for all listed Companies or Companies having

Shareholders not less than one thousand.

II. In compliance with provisions of Section 108 of the Companies Act, 2013 and Rule 20 of the Companies

(Management and Administration) Amended Rules, 2015, the Company is pleased to provide members, facility

to exercise their right to vote by utilizing the facility of remote e-voting by electronic means and the business

will be transacted through e-voting services provided by National Securities Depository Limited (NSDL).

III. A member may exercise his vote in respect of the resolutions proposed in the Notice of AGM by electronic

means (“remote e-voting”) and Company may pass any resolution by electronic voting system in accordance

with the Rule 20 of the Companies (Management and Administration) Amended Rules, 2015.

IV. During the remote e-voting period, members of the Company, holding shares either in physical form or

dematerialized form, as on a Cut-off Date, may cast their vote electronically.

V. In case a Member receives an email from NSDL [for members whose email IDs are registered with the

Company/Depository Participants(s)]:

(i) Open email and open PDF file. The said PDF file contains your user ID and password/PIN for e-voting.

Please note that the password is an initial password.

(ii) Launch internet browser by typing the following URL: https://www.evoting.nsdl.com/

(iii) Click on Shareholder – Login

(iv) Put user ID and password as initial password/PIN noted in step (i) above. Click Login.

(v) Password change menu appears. Change the password/PIN with new password of your choice with

minimum 8 digits/characters or combination thereof. Note new password. It is strongly recommended not

to share your password with any other person and take utmost care to keep your password confidential.

(vi) Home page of e-voting opens. Click on e-Voting: Active Voting Cycles.

(vii) Select “EVEN” of Tata Technologies Limited.

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